VCTs launch; Puma offers incentive

PUMA 9 VCT has offered a 1% enhancement in additional shares to those subscribing before 31 December.

This year marked a relatively quiet one for VCT fundraising, with £240m raised in new money (the figure excludes enhanced buybacks), lower than the £350m raised in the previous period, according to Tax Efficient Review. The Review states other VCTs set to launch include Mobeus Income & Growth VCT (due to launch this week); Ingenious Entertainment VCT 1 & 2 (H shares offer), launching next week; Foresight 1, 2, 3, and 4 VCT linked; and launching on 7 January are Proven Growth & Income and Northern VCT and Northern 2 (linked non-prospectus offer).

A limited-life VCT, Puma focuses on asset-backed companies. Examples of its exits include Forward Internet Group, whose revenues grew sixfold after the Puma investment allowed it to complete a bolt-on within a month of investment.

Puma's previous VCT, Puma 8, closed on 5 April 2012 with £12.5m. Puma claims to be the only limited life VCT to have returned 100p per share in dividends.

Minimum investment in Puma 9 is set at £5,000, with £200,000 the maximum permissible under the VCT scheme. The annual management charge is 2%, with initial costs of 5.5%.

David Kaye is CEO at Puma. The firm plans its 10th VCT to be a growth-orientated vehicle. Puma is part of Shore Capital Group.

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